What Is A Lease To Own Home Agreement

By October 14, 2021Uncategorized

These agreements give you the opportunity to get your finances in order, improve your credit score, and save money on a down payment while “locking” the home you want to own. If the money from the option and/or a percentage of the rent goes into the purchase price, which is often the case, you can also build up equity. The form must be written in accordance with all state landlord-tenant laws, in addition to the rules of the State Real Estate Commission, which generally require that certain disclosure forms be attached. The landlord must present a lease agreement with an option to purchase, which can be signed by both parties. In addition, the parties should bring the following: Leases must determine when and how the purchase price of the home is determined.